NSW announces its largest budget for Science, Innovation and Technology

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The Government of New South Wales (NSW) is set to deliver the single-largest investment in innovation, scientific research, and technological development in its history, with an $832.7 million funding in the coming four years in the 2022-23 NSW Budget.

Alister Henskens, Minister for Science, Innovation & Technology, NSW, said that this budget would turbocharge a world-class innovation ecosystem, building jobs and new industries in line with NSW Government’s 20-Year Research & Development roadmap.

He said that NSW is heading the nation in terms of innovation, science and technology, and the State wishes to be the world leader in deciphering research into economic outcomes that provides a brighter future for it.

The budget provides new investments in research and development and commercialization initiatives for building new jobs, enhancing growth in developing industries, and delivering long-lasting economic prosperity.

Under this budget, the investment will be made in commercialization and innovation, attracting international investment and assisting home-grown talent to add up their research and development work.

It also showcases the commitment of the NSW government toward transforming local research into new industries and jobs for future generations.

Further, under this Budget, an investment of $703.4 million is made to establish the Future Economy Fund, which will extend and fast-track R&D and commercialization opportunities across NSW, building on the work of the government’s R&D Action Plan.

To elaborate, the budget includes $252.4 million ($703.4 million over four years) for the Future Economy Fund, the state’s first dedicated fund that targets overall business growth.

This fund will include investments of $142.0 million in 4 years for fastening research, development and innovation growth in sectors where NSW has a competitive advantage. Moreover, $342.4 million will be invested in four years for enhancing support for commercializing of services and products and developing digital technologies.

Meanwhile, $72.2 million of capital will be directed to developing the RNA Pilot Manufacturing Unit and $12.5 million ($119.1 million over 10 years) for RNA R&D Initiatives for hastening the transformation of RNA research into new services, products, and jobs.

Source Credit - https://www.nsw.gov.au/media-releases/nsw-budget-delivers-big-bang-for-science